Crypto Prices Plummet Amid Geopolitical Tensions and Global Market Volatility
The crypto market took a hit over the past 24 hours, with total market capitalization standing at $2.16 trillion, down 1.49% from the previous day.
Bitcoin led the decline, trading near $62,984 and slipping 1.90% on the day. Ethereum also fell, dropping to around $1,868 after a 1.80% decline.
The slump in crypto prices follows a tumultuous week for global markets, with Amazon surging 15.2% on earnings while Apple crashed 10% on soft guidance.
Smaller tokens saw significant rotation, with Giggle Fund surging 50.3% in the past 24 hours and Pudgy Penguins rising 1.9%. However, Hyperliquid's HYPE token fell 4.65% to $52.29, highlighting speculative risk amid geopolitical tensions.
The Strait of Hormuz passage was suspended due to escalating tensions between Iran and the US, further fueling market uncertainty.